Nobel laureate economist Joseph E. Stiglitz spoke about Greece during athe conference of UNIDO in Vienna. A keynote speaker at the event, he was asked by reporters about Greece and said that the country is under strong pressure as a result of austerity measures while it is also being called on to assume the burden of the refugee crisis.

He expressed concern that refugees constitute a danger for the poor, becoming a source of cheap labor to further trample on workers rights. He warned that countries with high unemployment such as Greece, Spain and Portugal will suffer further increases to unemployment.

Furthermore, he underlined that the FED and ECB’s policies are moving in the wrong direction and have already proven to be unsustainable while creating further inequality and problems.